Today a lot of people begin their business and undoubtedly begin from the small. They set up a company and to proceed in growth they require some money. The easiest way to get this money is apply for a business loan. While it sounds like the easiest way there are still some things that you need to be aware of in order to definitely classify for a business loan to advance your company. Below we prepared four most useful advice according to business loan lenders. Keep in mind these tips and we guarantee that you will get the required money

1. Get your financial house and documents in order

Most frequently to approve your business loan any business funding company will need your company to be profitable over the past three years. But apart from that any lender will have a very close look on your credit history and documents in general. So your goal here is to make your documentation and credit history, as well as everything connected to it, look just perfect. Moreover, make sure that your personal documents and credit history look nice because any lender will check your documents too if you are the owner.

2. Tell your story

According to statistics, not telling the truth about your company which means basically telling your story is one of the biggest mistakes to make. When telling your history you are explaining to the lender why you should be approved for a loan and what the foundation for approval is. Tell everything from the very beginning to your plans for the future. Explain your goals and already reached ones to prove that you are determined for success. But do not just talk, show some materialistic proves namely documents and reports, because these are clear evidence of your success.

3. Go local

It is one of the wisest things to do if you have a small business. Big national banks are not interested in small business so you have much more chances for approval with a local lender. Moreover, local banks and lenders will consider your application even if the business has not been profitable over the past three years or if it did not even exist at that time while bigger banks will not.

Experts advise to visit your local community bank and also ask around about the SBA loan programs (keep in mind that up to 80 percent of a small business loan can actually be guaranteed by the government in case you apply for the SBA program).

4. Look at alternative financing

Today short-term loans for business have also become extremely popular and beneficial. Today when you apply for a business loan whether short- or long-term you are very likely to get your money in case you classify for it at all. Some lenders if cannot approve you for a loan will help you find some alternatives loan programs `or help you collect proper documents for your application in case something is missing.